Buhari To Extend Validity Of Old Naira Notes – TheCable

President Muhammadu Buhari is said to be considering extending the validity date for old naira note circulation according to TheCable.

This is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500, and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.

The online newspaper said three months more have been added to the validity date. But neither the President nor the Central Bank of Nigeria has said anything about this.

The CBN had insisted that the deadline of February 10 would not be changed. However, quoting an unnamed senior government official, TheCable reports that Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.

The official told TheCable that this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum until the early hours of Wednesday.

The governors were then expected to withdraw their case at the apex court.

“The resolve was to give room for President Buhari to make concessions on the monetary policy and make the following announcements public,” the official said.

“One, that the old naira notes of N1,000, N500, and N200 be allowed free movement in and out of the banks for the next 60 days.

“Two, that all three notes will be legal tender during this period, but that any old N500 or N1000 that goes into a bank will not be sent back into circulation.”

The official said that while others were “on the same page with the president”, Nasir El-Rufai, governor of Kaduna State, insisted on total cancellation of the policy.

Buhari, who had earlier delayed attending the federal executive council (FEC) meeting by 40 minutes to monitor the development at the Supreme Court, was disappointed that the governors reneged on their promise to withdraw the case.

He had, after the meeting Wednesday, met with Godwin Emefiele, the CBN governor, and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), on the need to allow all old notes circulate in the system to ease the hardship on ordinary Nigerians.

“The president will not disobey the court. But he is also concerned about the suffering of Nigerians and wants to find a lasting solution to it,” the official further explained to TheCable.

“It is clear that some militancy is being propagated against the people by the elite who have the means to secure the new notes no matter what while the people continue to suffer.

“The president will continue to engage and see the way out of the logjam.”